Net Lease Office Properties
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
NLOP$9.28+2.9%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of March, 202 and December 31,
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share amounts)
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Investments in real estate: | ||
| Land, buildings and improvements | $721,448 | $730,345 |
| In-place lease intangible assets and other | 208,933 | 209,968 |
| Above-market rent intangible assets | 30,508 | 30,512 |
| Investments in real estate | 960,889 | 970,825 |
| Accumulated depreciation and amortization | (297,845) | (292,679) |
| Assets held for sale, net | 29,297 | 29,297 |
| Net investments in real estate | 692,341 | 707,443 |
| Restricted cash | 37,597 | 43,305 |
| Cash and cash equivalents | 28,153 | 25,121 |
| Other assets, net | 26,014 | 29,200 |
| Total assets (a) | $784,105 | $805,069 |
| Liabilities and Equity | ||
| Debt: | ||
| Non-recourse mortgages, net | $115,327 | $111,259 |
| NLOP Mezzanine Loan, net | 33,171 | 57,957 |
| Debt, net | 148,498 | 169,216 |
| Accounts payable, accrued expenses and other liabilities | 43,576 | 44,145 |
| Below-market rent intangible liabilities, net | 5,802 | 6,305 |
| Total liabilities (a) | 197,876 | 219,666 |
| Commitments and contingencies (Note 9) | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued | — | — |
| Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 and 14,814,075 shares, respectively, issued and outstanding | 15 | 15 |
| Additional paid-in capital | 855,813 | 855,813 |
| Distributions in excess of accumulated earnings | (233,951) | (234,443) |
| Accumulated other comprehensive loss | (39,754) | (40,157) |
| Total shareholders’ equity | 582,123 | 581,228 |
| Noncontrolling interests | 4,106 | 4,175 |
| Total equity | 586,229 | 585,403 |
| Total liabilities and equity | $784,105 | $805,069 |
(a)See Note 2 for details related to variable interest entities (“VIEs”).
Net Lease Office Properties 3/31/2025 10-Q –3
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.